Bank of Canada Gov. Macklem Tells Lawmakers Rate Policy at ‘Right’ Level

OTTAWA—Bank of Canada Gov. Tiff Macklem told lawmakers Wednesday that central-bank policymakers believe the current rate policy appears appropriate to balance inflation risks while providing the economy with support.

His opening remarks before the Canadian legislature’s finance committee largely mirrored his comments when announcing a quarter-point cut last week, taking the benchmark interest rate to 2.25%—or 2.75 percentage points lower over a 16-month period.